AUSTRALIA – Overview of medical device industry and healthcare stats

Below you will find basic demographic and healthcare market data on Australia, plus specific information about the medical device and healthcare industries.

Overview of medical device industry: The Australia medical device market is mature, with a well-formed regulatory system. But it will be one of the slowest-growing markets in the South Pacific region in coming years. The market was valued at US $4 billion in 2016, down from US$5 billion in 2014. Market recovery will be slow through 2019 due to Australia's depreciating currency. However, Australia's aging population, Federal Budget initiatives, and willingness to adopt new technologies should stabilize the market despite its modest growth.

Approximately 80% of the medical devices used in Australia are imported. The domestic manufacturing industry is controlled by subsidiaries of large, global corporations.

Opportunities in the Australian market: Australia's healthcare industry is sophisticated and receptive to new product. There is consistent demand for a full range of medical devices, particularly those intended to treat and manage age-related diseases. Imported devices are usually innovative and cost-effective, as the Australian market is motivated to control costs. In addition, there is growing demand for devices that manage disability and chronic pain and improve recovery times. From a regulatory standpoint, the Australian market is very accessible for devices that already carry CE Marking.

Industry challenges in Australia: Despite Australia's sophisticated healthcare system, the medical device market is experiencing slow growth. Medical device companies exporting to Australia will face fierce competition from manufacturers from the US, the UK, and Japan that already have a strong hold on the market. Also, the relatively weak Australian dollar will make it difficult for some companies to remain profitable while meeting the price expectations of Australian buyers.

Within the UL family of companies we provide a broad portfolio of offerings to all the medical device industries. This includes certification, Notified Body and consultancy services. In order to protect and prevent any conflict of interest, perception of conflict of interest and protection of both our brand and our customers brands, UL is unable to provide consultancy services to Notified Body or MDSAP customers. UL has processes in place to identify and manage any potential conflicts of interest and maintain impartiality. Learn more here.